British finance minister accepts call for financial reforms after Greensill collapse
September 24, 2021, 5:40 am

British finance minister accepts call for financial reforms after Greensill collapse

Economy-calculate-

The Investingnews website reported according to Reuters, British finance minister Rishi Sunak has ordered two immediate reviews of the country's financial regulation related to the collapse of supply chain finance firm Greensill Capital.

In a letter to a parliamentary committee that issued a report in July related to Greensill's collapse, released on Friday by the same committee, Sunak said he had accepted its call for reform of the mechanism used by Greensill, known as the "appointed representatives regime".

Sunak said in the letter, first reported by the Financial Times, that the Treasury had already started to review the regime, including legislative reforms to strengthen the oversight of appointed representatives to prevent opportunities for abuse of the system.

Regarding reforms of the regulatory regime surrounding changes of control of banks, Sunak said the Treasury is working with the Prudential (NYSE:PUK) Regulation Authority and Financial Conduct Authority to consider how change of control applications are dealt with, and what changes might need to be considered.

Earlier this month, financial regulators said trade finance firms must do more to identify potentially suspicious activities undertaking additional risk assessments.

Greensill Capital's collapse earlier this year highlighted risks in the $1.3 trillion supply chain finance business.

The parliamentary committee in July said former British Prime Minister David Cameron showed a lack of judgment in using personal contacts and informal channels to lobby for the now-collapsed Greensill Capital.

The committee did not call for making supply chain finance in general a regulated activity, but said the appointed representatives regime should be tightened up to reduce "opportunities for abuse".

In May, Britain's Financial Conduct Authority (FCA) said it was formally investigating the UK operations of Greensill as part of global probes.

Source: investing

Prince Harry, Meghan Markle visit World Trade Center VP Harris and Indian PM meet as US tries to boost co-operation in Asia

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”